Rule 10-601-9.2 - Program FundingI. When determining how funds will be distributed by program, the Office will first take into consideration the level of funding available from all possible sources, including General Funds and Special Funds such as repayment accounts, private foundations, interest accounts, and the federal government;II. The Office will seek to determine whether funding is sufficient to award all eligible applicants for all programs.III. If funding is sufficient, all eligible applicants will receive an award offer.IV. If funding is not sufficient to award all eligible applicants, funds will be disbursed, according to the following priorities set forth by the Mississippi Legislature. A. It is the intent of the Legislature to first fund grant awards to eligible students.B. Grant awards will be offered to individual applicants through the single undergraduate grant program that offers the applicant the largest award.C. If funds are insufficient to fully fund grant awards to eligible students, grant awards shall be prorated among all eligible students.D. After grant awards are made, it is the intent of the Legislature to fund forgivable loan awards to eligible renewal students.E. Lastly, forgivable loans will be awarded to eligible new students on a first-come, first-served basis.10 Miss. Code. R. 601-9.2
Miss. Code Ann. § 37-106-14.